Apogee #504 $5,999,000 ($1,444/s.f.) This is Apogee’s most-desired floorplan and best location for unobstructed water views. Your 4154sf apartment is surrounded on three sides with 2500sf of sweeping, 11-foot-deep terraces, including an outdoor kitchen with grill. The interior spaces are masterfully-designed with a spacious master suite and master bath over the Miami Beach waterways (looking out over Fisher Island), an extraordinary and impressive gas-fueled kitchen, separate media room, 11-foot ceilings and a host of unique features. This property features 4 beds, 3.5 baths with 4154 s.f. (385.9 m²) of indoor space.[CLICK HERE TO SEE MORE]

Apogee #501 $5,700,000 ($1,372/s.f.) This is Apogee’s most-desired floorplan, ready for you and your decorator. Your 4154sf apartment is surrounded on three sides with 2500sf of sweeping, 11-foot-deep terraces, including an outdoor kitchen with grill. The interior spaces are masterfully-designed with a spacious master suite and master bath over the Miami Beach waterways (looking out over Fisher Island), an extraordinary and impressive gas-fueled kitchen, separate media room, 11-foot ceilings and a host of unique, high-quality features. This property features 4 beds, 3.5 baths with 4154 s.f. (385.9 m²) of indoor space.[CLICK HERE TO SEE MORE]

One Bal Harbour #409 $2,995,000 ($1,130/s.f.) Newly listed rare 09 line. Beautiful unobstructed NE ocean views from every room. 10ft ceilings with floor to ceiling glass, Italian marble floors throughout. 3 Bed-including a large master suite, 3.5 Bath, 2650sq ft interior, 3350 total area. True Chef’s kitchen with Pogenpole cabinets, gas stove, Sub Zero, Miele appliances, cappuccino machine and wine cooler. Building offers 5 star services, within walking distance to Bal Harbour shops and local restaurants. Easy to show. This property features 3 beds, 3.5 baths with 2650 s.f. (246.2 m²) of indoor space.[CLICK HERE TO SEE MORE]

259 33 St $2,799,000 ($704/s.f.) Must see Miami Beach Gem. Completely renovated and designed by Luis Pons. Everything Brand New! Brazilian walnut floors throughout custom built-ins. Italian furniture and cabinetry. Phillipe Starck Duravit sinks/ toilets, Dornbracht faucets, Lutron lighting, Viking, Miele & Subzero appliances and hurricane impact windows. Extraordinary pool and gardens. Bring your most demanding clients. This property features 4 beds, 4.5 baths with 3977 s.f. (369.5 m²) of indoor space.[CLICK HERE TO SEE MORE]

Continuum South #TH-3 $2,695,000 ($1,070/s.f.) Stunning 3-story Oceanfront Townhouse with private rooftop terrace & Jacuzzi. Private enclosed back yard. 2 Master bedrooms, large terrace facing the ocean. Marble baths, Italian cabinets, granite counter tops, Miele and Sub-Zero appliances. Very private !Unique home in Continuum South Tower-the only full service oceanfront bldg located South of Fifth! Private Beach Club, restaurant, 3 Tennis Courts, 2 Lagoon pools, 4story Fitness Center & Spa, with rooftop lap pool. 13 acres of oceanfront paradise. This property features 2 beds, 2.5 baths with 2518 s.f. (233.9 m²) of indoor space.[CLICK HERE TO SEE MORE]

Icon #3405 $2,499,000 ($808/s.f.) Rare opportunity to own a combined flow-through unit at Icon. This 4 bedroom + Den, 4.5 Bath masterpiece was professionally designed to perfection. Huge balconies flank either side of the unit’s 3094 square ft. Stone floors throughout with many designer touches that make this a true home in the sky. Den has been tastefully converted to include an Italian Murphy bed system behind designer doors. Come see this distinct unit and see how luxury looks on the 34th floor. Contact LA for immediate showing. This property features 4 beds, 4.5 baths with 3094 s.f. (287.4 m²) of indoor space.[CLICK HERE TO SEE MORE]

Icon South Beach #3001 $2,450,000 ($1,142/s.f.) An apartment that can be called a work-of-art, sitting high on the 30th floor of the ICON South Beach. Offered furnished and equipped, and featuring some of the most stunning finishes anywhere. The use of stone, wood, leather and other materials have transformed this from a simple 01-line unit into an apartment that is worthy of Architectural Digest. Live this lifestyle simple by moving in. Easy to show, 7 days a week. This property features 3 beds, 3.5 baths with 2145 s.f. (199.3 m²) of indoor space.[CLICK HERE TO SEE MORE]

Murano Grande #1703 $2,349,000 ($768/s.f.) A stunning, flow-through 3 bedroom condo at Murano Grande in South Beach. Extensive designer upgrades include stone flooring, high-end doors, electronic lighting control systems, a sound system plus a unique step-up bar for entertaining. Flat screen televisions in every room! Enjoy dramatic water views from all rooms. A private elevator foyer greets you as you arrive into this apartment that feels like a house in the sky. Almost 3100sf of indoor living space, plus two massive terraces. This property features 3 beds, 3.5 baths with 3058 s.f. (284.1 m²) of indoor space.[CLICK HERE TO SEE MORE]

Murano Grande #2003 $1,995,000 ($652/s.f.) Murano Grande in South Beach’s much-desired 03-line offers a flow-through floorplan with terraces facing east and west. This 20th floor unit is priced for a quick sale, but offers the luxury and features of a more-expensive unit. A great, basic 3 bedroom layout, with white limestone in the main rooms and dark wood in the bedrooms. A clean and well-maintained apartment. Make this a modern home just by adding your furniture! Enjoy 20th floor views of South Beach and Downtown Miami. True luxury living. This property features 3 beds, 3.5 baths with 3058 s.f. (284.1 m²) of indoor space.[CLICK HERE TO SEE MORE]

Grovenor House #1603 $1,950,000 ($739/s.f.) The Grovenor House is The Finest Luxury Living that Coconut Grove has to Offer – This Beautiful “Flow Through” Unit is Very Contemporary by Design, Polished Marble Flooring throughout with Breath Taking Views of Sunrise And Sunset – Five Marinas within Five Minutes, Gourmet Grocery Across the Street & Walking Distance to the Heart of Coconut Grove – 10 Minutes to Coral Gables, 15 Minutes to South Beach or MIA – Call Today to Preview The Most Sought After 3 Bedroom Floor Plan Offered at The Grovenor House. This property features 3 beds, 3.5 baths with 2640 s.f. (245.3 m²) of indoor space.[CLICK HERE TO SEE MORE]

Murano Grande #2306 $1,895,000 ($936/s.f.) A stunning, turnkey-furnished, luxury apartment at The Murano Grande in South Beach. A complete reconstruction of the 06-line, finished with custom furniture, thassos marble flooring, glass wall panels and doors, aromatherapy steam shower, a Bang and Olufsen sound system plus much, much more. A wide and open luxury living space that will be as comfortable when you are relaxing or entertaining. This is the type of living space that you see in Architectural Digest, and now this can be your home. This property features 2 beds, 2 baths with 2024 s.f. (188.0 m²) of indoor space.[CLICK HERE TO SEE MORE]

Icon South Beach #1901 $1,795,000 ($837/s.f.) Enjoy life at the stunning ICON South Beach. This 3 bedroom corner unit offers dramatic views of the city skyline, with peeks of the ocean as well. Unit features the Philippe Starck upgrade package, which offers designer wood floors, limestone bathrooms, luxury lamps, blinds and other fixtures. This has been one of the most-popular floorplans and ICON, and when you get a sense of the space and layout, it becomes clear why. The ICON lifestyle offers full-service amenities, allowing you to enjoy life. This property features 3 beds, 3.5 baths with 2145 s.f. (199.3 m²) of indoor space.[CLICK HERE TO SEE MORE]

5238 Alton Rd $1,599,000 ($282/s.f.) 5 Bed, 5 Bath totally remodeled home, two story with guest/ in law apartment, top of the line finishes, tumbled marble floors throughout, Brazilian cherry wood floors stairs and bedrooms, marble gourmet kitchen with huge island, formal dining room, two fireplaces, huge outdoor covered entertaining area with pool built in a private ficus walled compound. This property features 5 beds, 5 baths with 5675 s.f. (527.2 m²) of indoor space.[CLICK HERE TO SEE MORE]

The Setai #2104 $1,399,000 ($1,204/s.f.) Ocean Views from the 21st floor at the Setai Resort & Residences, 2 Bedroom 2 Baths,1162 Sq Ft, floor to ceiling glass, wood floors throughout. The Setai Offers, 24hr concierge, 3 restaurants, wine bar, spa, pool, beach services and more. Short sale subject to lender approval. This property features 2 beds, 2 baths with 1162 s.f. (108.0 m²) of indoor space.[CLICK HERE TO SEE MORE]

Icon South Beach #1107 $1,395,000 ($769/s.f.) Come see this professionally decorated corner unit with all furniture included in price. Professionally designed with 3 plasmas, designed couches, 2 king beds, window dressings, wired for sound and other designer touches. SE corner with stunning sunrise and sunset views. Can be shown M-F. This property features 2 beds, 2.5 baths with 1815 s.f. (168.6 m²) of indoor space.[CLICK HERE TO SEE MORE]

Canyon Ranch #902 $1,300,000 ($887/s.f.) Enjoy direct ocean views from this fully furnished corner 2 bedroom condo located in exclusive Canyon Ranch Miami Beach. Endless amenities await you at Canyon Ranch, the most inclusive Spa-Resort in South Florida. Expand your fitness horizons in our 70,000-square-foot spa and fitness center, featuring the latest cardio and aerobic equipment; a rock climbing wall, outdoor pools, and classes in Pilates, yoga and much more. Also available for rent seasonally starting August 15th through Memorial Day. This property features 2 beds, 2 baths with 1465 s.f. (136.1 m²) of indoor space.[CLICK HERE TO SEE MORE]

Mondrian #1516 $1,295,000 ($1,100/s.f.) Full service condo-hotel property from the Morgans Hotel Group. Owners enjoy all the privileges of the exclusive Hotel. 5-Star Asia to Cuba dining; Sunset Bar;2 Swimming pools; Fitness Center; Agua Spa; 24hs Room service ; Maid Service; Marina; Full access to Delano Beach Club; Glamorous Living Area, Spacious Bedrooms, Modern Bathrooms; Fully furnished by Marcel Wanders;2 Flat Screen HDTVs with TiVo; Enjoy breathtaking views of Biscayne Bay from your private balcony. Lucrative Hotel Program available. This property features 2 beds, 2 baths with 1177 s.f. (109.3 m²) of indoor space.[CLICK HERE TO SEE MORE]

Casa Grande Condo #507 $1,100,000 ($758/s.f.) No expense spared in this Ocean Drive designer condo. Bisazza custom 48″ x 48″ Agglomerate tiles. Bisazza and Trend handmade mosaics in both bathrooms. Maxter and Rugiano leather furniture. Swarowsky Crystal Chandelier and floor lamps in living, dining, bathrooms. Crestron sound system, lights,shades. Binova Italian kitchen. Miele and SubZero. Frameless Lualdi Italian Doors throughout. Italian custom closets. Lutron lighting system. New electrical, plumbing, and A/C. This property features 2 beds, 2 baths with 1452 s.f. (134.9 m²) of indoor space.[CLICK HERE TO SEE MORE]

Icon South Beach #1404 $1,050,000 ($684/s.f.) Stunning unit at ICON South Beach….This professionally designed unit has been outfitted with only the best designer fixtures. It boasts venetian plaster walls, onyx backsplash, imported Mosaics and 24X24 hand selected marble flooring. A Renovation removed the wall in the kitchen to make the space more inviting to the new owners. This attractive and desirable unit is priced to sell. Owner-Agent occupied…great chance to live in the lap of luxury in one of the most desirable buildings in the world!!! This property features 2 beds, 2 baths with 1536 s.f. (142.7 m²) of indoor space.[CLICK HERE TO SEE MORE]

Murano Grande #708 $998,000 ($624/s.f.) This two-bedroom apartment is one of the favored floorplans at Murano Grande in South Beach. 1600sf of large and open living space in a split bedroom design. Immaculate and finished with marble floors and other designer accents. Enjoy relaxing moments on the massive terrace, with generous views of the pool and gardens. This full-service building is a block away from the Publix supermarket and other fine shops. Walk to just-about anywhere from this South-of-Fifth waterfront location. This property features 2 beds, 2.5 baths with 1600 s.f. (148.6 m²) of indoor space.[CLICK HERE TO SEE MORE]

Ocean Place East #3E $880,000 ($707/s.f.) This spacious split 2 bedroom condo is in a boutique style intimate building in a perfect location; south of fifth street, across the street from the park and the beach. There is a lovely ocean and park view from the kitchen, living room and master bedroom. It is nicely appointed with Saturina marble floors, granite countertops and stainless steel appliances. The building has a GYM and pool. Being sold with tenant in place until October 2010. This property features 2 beds, 2 baths with 1245 s.f. (115.7 m²) of indoor space.[CLICK HERE TO SEE MORE]

Four Seasons Residence #41D $799,999 ($718/s.f.) Enjoy the breath taking views from this exclusive Four Seasons high floor 1 bedroom. You will enjoy 5 star lifestyle living here! This unit has sweeping views of the Atlantic Ocean from the 41st floor. This unit is priced to move and can be shown anytime 7 days a week. This property features 1 beds, 1 baths with 1114 s.f. (103.5 m²) of indoor space.[CLICK HERE TO SEE MORE]

Carlyle Deco Hotel #4B $799,000 ($764/s.f.) Incredible price reduction!! Owner has spared no expense on this stunning 1100sf direct ocean view retreat. Award winning designer Oscar Glottman has combined style, luxury & a sense of fun to create a one of a kind beach front living experience. A 2/2 converted to a 1/2. Over 200K spent on interiors, beautiful kitchen with Miele appliances & oak cabinetry, baths with jacuzzi tub and terrazo counters, bamboo flooring, Bose sound system & flat screen TVs. The building was completely renovated. This property features 2 beds, 2 baths with 1046 s.f. (97.2 m²) of indoor space.[CLICK HERE TO SEE MORE]

Sunset Harbour South #1907 $799,000 ($451/s.f.) Large 3Bed-2.5 Baths with extra large Living/Dining area;Unit features ceramic tile floors throughout, including the 2 private balconies;Open kitchen; Large Master Suite; Master Bath features separate shower & Jacuzzi tub. Sound proofing on all walls; Hurricane shutters; Ocean, Golf course & South Beach views. Luxury bldg; Renovated Halls & Lobby;3 pools; Jacuzzi; Gym; Marina;24hs Concierge & Valet. 3 deeded parking spaces included! Walking distance to Lincoln Road;Restaurants & Lounges; Publix; Park;etc. This property features 3 beds, 2.5 baths with 1770 s.f. (164.4 m²) of indoor space.[CLICK HERE TO SEE MORE]

Grovenor House #1108 $797,000 ($500/s.f.) The Finest Luxury Living that Coconut Grove has to Offer – This Split Floor Plan unit has Panoramic Views of Downtown Coral Gables/Miami, Dual Terraces and Bamboo Flooring Throughout – Located on Prestigious Bay Shore Drive, 5 Marinas within 5 Minutes, Walking Distance to the Heart of Coconut Grove, 10 Minutes to Coral Gables, 15 Minutes to Miami International Airport or South Beach – Call Today. This property features 2 beds, 2.5 baths with 1595 s.f. (148.2 m²) of indoor space.[CLICK HERE TO SEE MORE]

Absolut Lofts #PH-2 $695,000 ($481/s.f.) South Beach’s popular ABSOLUT Lofts complex is a 20-unit, secured complex in the highly-desirable South of Fifth area. Just a few blocks from the beach, restaurants and shops. This Penthouse unit is a double-story loft, and features a private rooftop. It has beautiful maple wood flooring throughout, and a very spacious feel. These rarely come on the market, so take advantage of this opportunity to live in this extraordinary residence. This property features 2 beds, 2 baths with 1445 s.f. (134.2 m²) of indoor space.[CLICK HERE TO SEE MORE]

Ocean Place Condo #4I $625,000 ($573/s.f.) OCEAN VIEWS in this beautifully finished and perfect unit! Unit shows very well with marble Saturnia floors throughout. Kitchens and baths are upgraded with Poghenpohl Cabinets and Granite countertops, and Stainless steel appliances. 24 hour security, covered parking, pool, doorman, and AMAZING location in SOUTH OF FIFTH! Pool, gym and hot tub are just part of this beach getaway. Short term rentals of 30 days or 12 x per year. Vacant unit, easy to show! This property features 2 beds, 2 baths with 1091 s.f. (101.4 m²) of indoor space.[CLICK HERE TO SEE MORE]

1100 West (mondrian #811 $619,000 ($823/s.f.) Managed by Morgans Hotel Group (Delano) and designed by Marcel Wanders, International Designer of the year. Your condo hotel unit includes furniture, television, lighting, window treatments and linens. Mondrian South Beach’s design is for a new generation of style-conscious travelers. Offers full services of a boutique hotel. Owners enjoy privileges of an exclusive hotel, including five star restaurant, sunset bar, two swimming pools, gym, aqua spa, room service and more. This property features 1 beds, 1 baths with 752 s.f. (69.9 m²) of indoor space.[CLICK HERE TO SEE MORE]

One Miami West #3323 $599,000 ($334/s.f.) Enjoy both sunrises over the bay and sunsets over the city from this high floor corner condo. 48 hrs notice required for showings. See attached unbranded visual-tour. This property features 3 beds, 2 baths with 1792 s.f. (166.5 m²) of indoor space.[CLICK HERE TO SEE MORE]

Mondrian #514 $550,000 ($733/s.f.) BEST PRICED 1 BEDROOM BAYVIEW UNIT! Full service condo-hotel property from the Morgans Hotel Group. 5-Star Asia to Cuba dining; Sunset Bar;2 Swimming pools; Fitness Center; Agua Spa; 24hs Room service ; Maid Service; Marina; Full access to Delano Beach Club; Glamorous Living Area, Spacious Bedroom, Modern Bathroom; Fully furnished by Marcel Wanders; Flat Screen HDTV with TiVo; Enjoy breathtaking views of Biscayne Bay from your private balcony. Lucrative Hotel Program available. This property features 1 beds, 1 baths with 750 s.f. (69.7 m²) of indoor space.[CLICK HERE TO SEE MORE]

De Soleil #307 $549,500 ($1,099/s.f.) One of the finest Condo-Hotel on South Beach. This unit is elegantly furnished using the finest materials including…marble, european styled kitchen, wood and much more. This unit also has a state of the art entertainment system, Bose surround sound stereo system and wireless internet access, floor to ceiling hurricane impact glass to take in the wonderful views. Amenities include fine dinning from World Renowed Table 8, 24 hour room service and meeting facilities. This property features 0 beds, 1 baths with 500 s.f. (46.5 m²) of indoor space.[CLICK HERE TO SEE MORE]

The Bentley Hilton #506 $549,000 ($885/s.f.) Priced to sell quickly! Large one bdrm with ocean views from every window. Sitting on the sand in the highly sought after South of 5th area, this luxury building offers, 24hr concierge and valet, beach club, spa, beautiful ocean front pool with an outdoor restaurant, high end salon and the very popular Prime Italian restaurant. The unit has beautiful marble flooring and marble bath. Walk to the beautiful new South Pointe Park and some of South Beach’s best restaurants. Easy to show. Call listing agent. This property features 1 beds, 1 baths with 620 s.f. (57.6 m²) of indoor space.[CLICK HERE TO SEE MORE]

The Decoplage #1211 $519,000 ($436/s.f.) Live in the heart of South Beach directly on the ocean!! 2 Bed, 2 Bath corner unit with views of all of South Beach. Entire complex has been remodeled! Valet, security and more. This full service condo on the ocean is easy to show, call listing agent. This property features 2 beds, 2 baths with 1190 s.f. (110.6 m²) of indoor space.[CLICK HERE TO SEE MORE]

Sunset Harbour #2201 $509,000 ($443/s.f.) ***A must see***unobstructed awesome water views from this remodeled very nicely appointed corner unit! Watch the ocean, inter coastal bay and golf course from this high floor condo conveniently located within walking distance of Lincoln Rd, publix and all the night life, quiet cul de sac with its private marina for the Mega Yachts. Just below the penhouse level, this stunning apartment is very rarely available. Granite counter tops, marble floors and tastefully decorated This property features 2 beds, 2 baths with 1150 s.f. (106.8 m²) of indoor space.[CLICK HERE TO SEE MORE]

Marina Blue #1708 $499,000 ($374/s.f.) Fully furnished, ready to move in. Stunning 180 degree views of Biscayne Bay, Downtown Miami & Miami Beach, through the 9ft floor to ceiling windows. White 24″X24″ porcelain tile throughout, elegant kitchen with granite counter, European-style cabinets, stainless steel sink, designer appliances & resort-style “Wet Room” with separate shower & bathtub enclosed in glass. Marina Blue offers amazing pool overlooking Biscayne Bay, lap pool, beach volleyball, barbecue deck, lush tropical garden & much more. This property features 2 beds, 2.5 baths with 1334 s.f. (123.9 m²) of indoor space.[CLICK HERE TO SEE MORE]

The Setai #401 $475,000 ($815/s.f.) A spectacular ocean-facing condo hotel suite at The Setai in South Beach. This is one of the rare corner units, offering great views. Comes fully-equipped with the best of furnishings, electronics and equipment, including brands like Duxiana and BOSE. Granite and teak flooring and accents make this worthy of a world-class resort. Eligible for the Setai Hotel rental program, and financial performance history is available to prospective buyers. This property features 0 beds, 1 baths with 583 s.f. (54.2 m²) of indoor space.[CLICK HERE TO SEE MORE]

Waverly South Beach #613 $399,000 ($316/s.f.) Corner unit with 24″ travertine floors throughout this gardenview apartment with upgraded bathrooms and lots of light. Easy to show, call listing Agent. This property features 2 beds, 2 baths with 1262 s.f. (117.2 m²) of indoor space.[CLICK HERE TO SEE MORE]

Ocean Place Condo #3K $375,000 ($495/s.f.) Luxurious Boutique building in South of Fifth. Designed by Arquitectonica, this condo offers great access to the Beach ;steps away from Starbucks, Prime 112, Big Pink, Joe’s Stone Crab etc.. Floor-to-ceiling sliding glass doors; Marble floors; Stainless steel appliances; Poggen Pohl cabinets; Granite countertops; Marble bath w whirlpool spa. LargeTerrace; Covered parking; Heated pool; Jacuzzi deck; Gym & 24-hr security desk. W/D in unit. Pet friendly. Short Term rentals OK. Owner Financing Available! This property features 1 beds, 1 baths with 757 s.f. (70.3 m²) of indoor space.[CLICK HERE TO SEE MORE]

Roney Palace #702 $349,000 ($397/s.f.) 1 Bedroom/1 Bath with ocean views from large balcony! Beautiful wood floors through-out. New kitchen with granite and ss appliances, accordion hurricane shutters,walk-in-closets, unmatched amenities: 3 pools, David Barton Spa & Fitness Center, on-site restaurants, huge beach & boardwalk. Great location: 10 minute walk to Lincoln Road mall for shopping, entertainment, fine & casual dining, & movies. Maintenance includes: Air-Conditioning, valet parking, 24 hr security, water, cable TV, insurance & more. This property features 1 beds, 1 baths with 880 s.f. (81.8 m²) of indoor space.[CLICK HERE TO SEE MORE]

Cite On The Bay #1001 $345,000 ($297/s.f.) This property features 2 beds, 2 baths with 1160 s.f. (107.8 m²) of indoor space.[CLICK HERE TO SEE MORE]

Mirador 1200 Condo #1010 $269,000 ($321/s.f.) Price just reduced. Completely renovated, new floors, stainless steel appliances, custom cabinetry and granite counter tops. Ocean and city views. Gym business center & convenience store in lobby. This property features 1 beds, 1 baths with 837 s.f. (77.8 m²) of indoor space.[CLICK HERE TO SEE MORE]

Parc Central #911 $269,000 ($237/s.f.) Luxury high rise with all the amenities. Golf and pool view. Minutes from the beach. Walk to Aventura mall. Tenant occupied on a month to month, will stay as long as owner wants. This property features 2 beds, 2 baths with 1137 s.f. (105.6 m²) of indoor space.[CLICK HERE TO SEE MORE]

Dakota Park S Condo #1 $249,000 ($319/s.f.) Spacious 1/1 Totally Renovated (2003) with 450 sq ft Covered Terrace, rare outdoor space of this size + yard. 3 French Doors open to Terrace. Black Granite kitchen w/ Stainless appliances, Porcelain Tile Floors throughout. Includes gated parking, walk to park, pets welcome. This one shows very well, your Buyer will love it! This property features 1 beds, 1 baths with 780 s.f. (72.5 m²) of indoor space.[CLICK HERE TO SEE MORE]

Zilbert Realty Group is the exclusive listing agent for many great Miami Beach condos and waterfront homes. Our condo collection above offers some of the best-priced real estate deals in Miami, and each of our listings will include extensive photography and a virtual tour. You will also find our properties listed weekly in the Miami Herald and monthly in Ocean Drive magazine. We advertise in national publications such as the Robb Report, duPont Registry, Financial Times and others. These condos and homes range in price from the millions of dollars (for some of South Beach’s greatest residences) to only a few hundred thousand dollars. Our sales teams cover Miami Beach communities (including South Beach, Bal Harbour and Sunny Isles), as well as Downtown Miami and Coral Gables plus Coconut Grove. Let us find you a great deal today! We welcome cooperating brokers at all times.

This blog will get continuous updates in the New Year, and I plan to use this as a frequent journal, in addition to a place to keep you updated on real estate.  Look for some more innovations here, and on our site (www.Zilbert.com) in the first quarter of 2010.

So, to all, a HAPPY NEW YEAR.

MARK ZILBERT

Beach ball

By ANDY WANG

Last Updated: 5:18 PM, December 3, 2009

Posted: 11:59 PM, December 2, 2009

The Miami winter social season starts in earnest this week as Art Basel, Art Miami and dozens of satellite events take over much of the city’s prime real estate. But when it comes to selling ultra-pricey Miami condos, it looks like the party has already begun.

According to developer David Edelstein, the W South Beach hotel-condo building that opened in June has recently closed sales at some staggering prices. Edelstein mentions a 2,700-square-foot unit that closed two weeks ago for $7.25 million — a sky-high $2,685 per square foot. In October, a deal closed on a 2,965-square-foot unit for $8.1 million — an even more exorbitant $2,732 per square foot.

And with a slew of high-profile Art Basel events at W South Beach — including tonight’s dinner and after-party hosted by Aby Rosen (part of the building’s development team) and a Saturday performance by Glen Matlock of the Sex Pistols — Edelstein expects to lure more buyers to his 408-unit building at 22nd Street and Collins Avenue.

“We think it will be a huge year for Art Basel,” says Edelstein, who notes that his hotel, with rooms from $659 to $7,200, is sold out all week. “And one of the greatest sources [of condo sales] are the hotel guests.”

While W South Beach (designed by architecture firm Nichols Brosch Wurst Wolfe & Associates) is no doubt making a huge splash, its ultimate success and what it means for the Miami market remain to be seen. Edelstein says he has signed deals for about $500 million worth of W South Beach condos. He has closed about $100 million.

“We have not had enough time to see [W South Beach]’s impact over the long term,” says Miami broker Mark Zilbert of Zilbert Realty Group, who specializes in the condo market. “But it’s a very popular spot.”

W South Beach — where prices start around $1,400 per square foot for smaller units — looks like the newest, priciest kid on the block, but other prominent South Beach buildings are also fetching NYC-level prices. And bottom-fishing buyers looking for crazy beach deals are probably going to be disappointed.

“Everybody wants a balcony over the beach at 50 cents on the dollar,” Zilbert says. “The problem is that when you look at prime oceanfront property in a new building, there’s still sticker shock.”

Numerous hotel-condo units at the Setai, just south of W South Beach, are listed for around $1,200 to $1,400 per square foot. And over at Continuum, located at the southern tip of South Beach, the price range for many condos is around $950 to $1,200 per square foot. While Miami prices overall, Zilbert says, are down 30 to 40 percent from their peak, they haven’t really changed since the spring. The difference now, he says, is that people are actually buying.

“When the market was really at its worst, it was hard to sell anything over a million dollars,” Zilbert says. “After last October to about June or July, it was a very, very dark period. I ran my half-year numbers around June, and we were at about half of what we were the year before. People were just afraid to buy anything.”

But rich buyers seem to be on the prowl again. Zilbert says he’s seeing more traffic from New York-based buyers now than he has in the last three years combined.

“There is a clearly a market for five-star oceanfront,” Zilbert says. “And these buyers don’t shop around a lot. They want what they want.”

A market largely powered by this kind of buyer can be hard to get a handle on, of course. It’s a market that seems to change from building to building. And there’s no question that Miami is overbuilt and subpar projects are in uncertain waters. Gansevoort South, located just north of W South Beach, has halted its condo sales effort, for example.

And for those who can’t afford $1,000 square per foot in Miami, there are many brand-name choices if they’re willing to look beyond South Beach. Canyon Ranch, about 4 miles north of South Beach, has some units priced around $500 per square foot. Word is that a team from New York brokerage firm Brown Harris Stevens is about to take over sales there.

Condos for $500 per square foot or less are even easier to find in downtown Miami, where thousands of unoccupied units seem to indicate a market in peril. Although high-profile developments such as Icon Brickell and Marquis Miami have glammed up the area, Zilbert notes that “on an individual-buyer basis, there’s great resistance into putting money in downtown condos. There are issues with empty buildings, foreclosures, people not paying their maintenance.”

Zilbert adds that “a lot of people downtown are renting. There will be a very strong rental market probably for five years.”

However, some well-priced developments off the beach seem to be thriving. The gargantuan, 56-acre Midtown Miami mixed-use complex, adjacent to the Design District, has three residential towers that are 97 percent occupied, according to a project spokesperson. Prices start at $1,500 for one-bedroom rentals (812 to 937 square feet) and $375 per square foot for condos.

And one advantage of being off South Beach is having much more room and infrastructure for huge events. Art Miami, celebrating its 20th anniversary, is taking up 85,000 square feet of space at Midtown Miami.

“There’s great parking directly across the street, sidewalks, palm trees,” says Nick Korniloff, Art Miami’s show director/partner. “There’s a lot of open space. It allows us to have big outdoor sculptures, outdoor areas, cafes. It’s a much easier location than the beach.”

Of course, there are shuttle buses from Midtown to South Beach for all those art collectors, party people and potential real estate buyers in town this week. And this is all the beginning of a busy season that includes numerous holiday galas in December, the Pro Bowl in January, and the Super Bowl, Miami International Boat Show and South Beach Wine & Food Festival in February.

Over at W South Beach, everything up to this point has “been spring training,” Edelstein says. “The real season starts now.”

And as Zilbert points out, this season should be bigger than the last winter season.

“Art Basel last year was not too long after the Wall Street meltdown,” he says. “It’s much more exciting this year. We have many, many clients who have mentioned they will be in town. We’ll be very busy. We expect to write a lot of contracts.”

The region registered 178,000 home resales last month, the National Association of Realtors said Friday. The median price was $153,500, a 7.6 percent decline from last September, when it was $166,200.

Nationally, sales of existing homes rose almost 8 percent over September a year ago, without adjusting for seasonal factors. The median sales price was $174,900, an almost 9 percent decline from $191,200 a year ago.

Eleven of 19 major Southern metropolitan areas tracked in the Associated Press-Re/Max Monthly Housing Report showed annual sales declines last month. The report, also released Friday, analyzed sales recorded by all real estate agents, regardless of company affiliation.

While sales sunk from a year ago in cities including Atlanta, Dallas and Charlotte, they rose in foreclosure-plagued Miami and Orlando.

In cities where sales are rising, real estate agents attribute the brisk results to a more positive mood among buyers, who sense the worst of the housing market bust is likely over. A federal tax credit played a big role too. First-time homebuyers can receive a credit of 10 percent of the sales price, up to $8,000.

That resulted in a big discount for many buyers. It’s so important to some that real estate agents are advising them to include a clause in their sales contracts allowing them to back out if the sale doesn’t become final by the scheduled expiration date of Nov. 30.

The real estate industry is lobbying Congress to expand the credit to more buyers, or at least extend it. Lawmakers appear inclined to do so, but the Obama administration has not indicated its position.

A big concern for the real estate market, however, is job losses, which many economists expect to rise well into next year and soar as high as 10.5 percent from the current level of 9.8 percent. In the South, the jobless rate edged up to 9.3 percent in September, up from 5.9 percent a year ago.

A steady job as an operating room nurse is one reason Hope Carson, 41, is able to buy a home. She’s planning to make an offer next week on a foreclosed property outside Atlanta. She’s hoping the deal will close in time for her to qualify for the tax credit.

After searching for about a month in a price range of about $140,000, she has narrowed her choices to two homes, both in foreclosure. ”Is there a little bit of guilt behind that? Absolutely,” she said. ”You know that somebody was forced to move out. It’s not a decision that they made.”

Here are some highlights from the region:

–Biggest sales gains: Miami saw sales jump 71 percent from a year ago, driven by a huge boom in foreclosures and financially distressed property sales. It was followed by Orlando, at 65 percent, and New Orleans at 31 percent.

In places like Miami and Orlando, foreclosures and other distressed sales are dominating the market. More than two-thirds of Miami real estate agent Izzy Bulholzer’s business these days is comes from short sales, where the mortgage balance is more than the sales price.

But Bulholzer says that buyers who want to take advantage of the tax credit should steer away from short sales. The process is too time-consuming. ”We have no control over the bank’s response time on a short sale offer,” he said.

–Biggest sales declines: Sales were down 20 percent from a year ago in Birmingham, Ala., and were off 18 percent in Atlanta, where economic concerns are paramount. ”Buyers are still nervous,” said David Hudson, an agent with Exit Realty Platinum outside Atlanta. ”They’re worried about buying a house, and then all of a sudden, I might not have a job.”

–Prices are rising (a bit) in some places: Home prices aren’t surging anywhere in the South, but they were either flat or up slightly in six cities: Jackson, Miss., Tulsa, Okla., Washington, D.C., and three Texas cities: Dallas, San Antonio and Houston. In many of these cities, economic conditions are still strong.

”The confidence of buyers has increased,” said Dan Melman, a real estate agent with Long & Foster in Washington, where the median sales price of $295,000 was up nearly 1 percent from a year earlier. ”That has translated into more contracts being written and more deals being done.”

In San Antonio, where Toyota is shifting truck production from California, Bob Leonard, a local Re/Max agent, said, ”we continue to have major companies moving to San Antonio.”

Plus, home prices in Texas never really soared out of control. The median sales price in San Antonio was $146,000 last month, up close to 1 percent from a year earlier.

–Where prices are still falling: Miami and Orlando housing markets are still in severe distress. Prices in both markets fell one-third from a year ago to a median of $150,000 for Miami and $120,000 for Orlando. They were followed by Tampa, which posted a 17 percent decline to $133,000 and Atlanta, where prices fell nearly 10 percent to $140,000.

About 10 investors are expected to submit bids to the Federal Deposit Insurance Corp. by Friday for $5 billion in condominium loans and other property held by the failed Corus Bank, in a key test of U.S. commercial real-estate values.

The government-run auction, with loans backed by more than 100 real-estate developments, is the largest bulk sale of commercial-property assets since the financial crisis erupted. Bidders are looking at some of the highest-profile condo projects in the U.S., scattered from the waterfront Paramount Bay in Miami to Juhl in downtown Las Vegas.

Among the real-estate investors jockeying for what is left of Corus, which was seized Sept. 11, are a joint venture that includes Related Cos. and Lubert-Adler Partners LP; a team of Miami developer Crescent Heights and Dallas private-equity firm Lone Star Funds; Starwood Capital Group; and an investor group led by Colony Capital LLC and iStar Financial Inc., according to people familiar with the situation. Representatives for the investor groups declined to comment.

Christina House

PRNewsFoto

Aaron Auxier

Among the condo projects backed by loans included in the government’s auction of Corus Bank’s commercial-property assets are, from top: the high-rise Concerto development in Los Angeles; the Allure Waikiki; and Juhl in downtown Las Vegas. The portfolio holds $5 billion in loans.

“We are offering specialized investors an opportunity to purchase an equity stake” in up to $5 billion of Corus’s loans, an FDIC spokesman said. “The more that the FDIC can obtain for the overall portfolio, the more we can recoup on behalf of the creditors and our deposit insurance fund.”

Such distressed real-estate sales were common in the wake of the real-estate collapse of the early 1990s, generating fortunes for savvy buyers as the market recovered and property values soared. Part of the problem today has been that few properties have been sold, making it difficult for lenders to value portfolios.

Experts following the Corus auction predict that bids will range from 30 cents on the dollar for nonperforming loans to 80 cents on the dollar for loans where the borrower is current on payments. The winning bid promises to be scrutinized by lenders across the U.S., many of which have been struggling with the valuations on thousands of condo projects and other commercial developments now in trouble.

The Corus auction “is going to create a new mark,” says Norman Radow, chief executive of Radco Cos., an Atlanta developer specializing in distressed condo projects across the U.S.

The pace of distressed-asset auctions by the FDIC and other sellers is expected to accelerate. So far this year, 94 U.S. banks have failed, and others are in critical condition. Meanwhile, a record amount of than $800 billion in commercial mortgages are expected to come due in the next three years.

The winning bidder for Corus’s loans is likely to try to foreclose on properties that are in default or cut deals with their developers. One potential strategy for squeezing profits from the loans is to buy them at 40 cents on the dollar, and then try to sell them back to developers for 80 cents on the dollar.

Some Corus borrowers have approached the FDIC for a chance to bid on their loans, according to people familiar with the process. The agency rebuffed those efforts, saying it is willing to sell only the whole portfolio.

That stance has sparked criticism by some borrowers who are worried the winning bidder could be a competing developer seeking to take over their projects. The winning bidder “may play hardball and put us in default,” said Sonny Astani, who has a $190 million loan with Corus for a high-rise condominium development called Concerto in Los Angeles.

The Corus transaction is being structured as a partnership between the agency and winning bidder. The FDIC will hold a 60% stake and provide financing, according to people familiar with the matter. While seven other FDIC deals since 2008 have had similar partnership structures, the Corus deal is by far the largest. A similar arrangement was made in last week’s sale of $1.3 billion in residential mortgages to a venture between the FDIC and Residential Credit Solutions Inc., these people said.

The public-private partnership structure is modeled on about 70 such deals pioneered by Resolution Trust Corp., a federal agency formed to clean up the savings-and-loan mess of the late 1980s and early 1990s. Rising property values in the mid- and late-1990s enabled the RTC to reduce taxpayer losses.

Still, the partnerships expose the U.S. to more financial risk than it might face by selling assets completely to private investors. The Corus auction also is complicated by an oversupply of condos in some of the same states where Corus concentrated its lending, such as Florida, California and Nevada.

In most of the FDIC deals involving failed banks during the current mess, the agency has lined up buyers to take over loans, deposits, branches and most other assets. For some failed banks like Corus, the FDIC decided to separately sell some hard-to-value assets. When Corus was seized, another Chicago bank, MB Financial Inc., agreed to assume 11 branches and about $6.6 billion in deposits from Corus. The FDIC has estimated that the Corus failure will cost its insurance fund about $1.7 billion.

—Nick Timiraos contributed to this article.

Write to Lingling Wei at lingling.wei@dowjones.com and Anton Troianovski at anton.troianovski@wsj.com

A New York City investor is the new owner of the Caribbean Miami Beach condominium.

The buyer, an affiliate of New York City-based Melohn Properties, bought the mortgage from ailing Corus Bank.

The Chicago-based bank (NASDAQ: CORS) had given Caribbean Group Owners a $127.7 million mortgage to renovate the hotel into a 103-unit oceanfront condominium at 3737 Collins Ave., in Miami Beach. The developer, a partnership between Christa Development and Bluerock Real Estate, had sold just 13 units since July 2008.

Corus Bank, which faces a risk of failure under the weight of delinquent condo construction loans, sold its mortgage on Aug. 19 to 3737 Caribbean Partners. A source familiar with the deal said that Corus Bank had previously offered the note for sale at between $50 million and $55 million.

Christa Development VP Frank Christa said the developers have voluntarily turned over the Caribbean Miami Beach to the new lender.

“The new lender is in charge of it,” said Christa, who noted that no foreclosure lawsuit was filed.

Marcela Catapano Criscito, a real estate agent hired by the owner of the Caribbean Miami Beach to sell units, concurred.

The Caribbean Miami Beach was designed by architect Kobi Karp, with interiors designed by Christopher Ciccone, the brother of pop star Madonna. It has a heated infinity-edge swimming pool, spa, sun deck, billiard lounge, fitness center, wine vault, cigar humidor and 24-hour concierge service.

Units were priced from $500,000 to $8 million. They are divided between the renovated six-story building, with 35 units, and a new 19-story tower, with 68 units.

Condo Vultures CEO Peter Zalewski called the Caribbean Miami Beach the crown jewel of Corus Bank’s loan portfolio. With its strong location and quality design, it can probably have its units sell for between $450 and $550 a square foot, he said.

“The owner will flip these units immediately,” Zalewski said. “They probably have the ability to burn through most of them during the tourism season.”

Zalewski, who has looked at the project on behalf of potential buyers, said Corus Bank could not have made this deal without the Federal Deposit Insurance Corp. signing off on it. At least six groups were competing to take it over, he said.

“The Caribbean was the most desirable bulk play in South Beach because so few projects there were in distress,” Zalewski said.

A Melohn Properties official was not immediately available for comment.

Are the good ‘old days of real estate back? It appears so in Downtown Miami.

In recent weeks developers have sold hundreds of condos, in a flurry of activity they haven’t seen since the peak of the housing market. Some builders are actually running out of inventory. The first building to sell out, Brickell on the River, happened quietly and quickly selling 120 units in just six weeks time.

“It’s pretty impressive when you walk into a sales office and you have 20-30 people waiting to see units. Sounds crazy but it’s actually happening now,” Andres Asion, with Miami Real Estate Group, told CBS4’s David Sutta.

Before Asion could deposit the checks, he had sold out the entire building out; something developers in this area have not been able to do for the past three years.

So how did Asion do it?

Price. They dropped it roughly a $100 thousand under their closest competition. The final prices were half of what units sold for at the peak of the market.

“You could see it in the pricing. When you could buy a two bedroom condo for $220,000 in which before it was $450,000 people are really pulling the trigger,” Asion said.

It appears other developers have taken notice.

1060 Brickell followed Brickell on the River’s lead to drop prices; they’ve just sold out. The Ivy is expected to be next.

“It’s just a wave. The investors are swarming from one building to another to another and all of it has to do with price point which is roughly $200 a square foot. That’s really the magic number,” said Peter Zalewski of Condovultures.com which constantly keeps tabs on the sales of the downtown market.

Zalewski said in recent months he’s watched inventory decline rapidly. The market once had 25,000 units for sale, but as of late Zalewski believes it’s down to under 9,000 units; half of which are in buildings that are empty and in some form of foreclosure. That leaves just 4500 units up for grabs.

Zalewski believes the housing market downtown may be the first to emerge out of the recession.

“Most people are saying it’s spin. It’s the realtors trying to blow smoke and trying to get people back into the marketplace. That’s not the case. Walk yourself into a sales center that’s priced at $200 a square foot. Take a number. Kick back and try to get a soda. You won’t even be able to get a soda out of the refrigerator they are running out of the stuff so quickly,” said Zalewski.

Looking at sales it appears most are not being made to ‘bulk’ buyers. However Zalewski believes most are being made to foreign nationals, investors looking to flip once again in Miami real estate, and that could be a good thing or a bad thing. On the one hand, investors may be bailing out downtown Miami, renting out their units and bringing life to the area. On the other they could be making another bad gamble which could lead to another wave of downtown foreclosures.

Patricia Delinois’ Black-Berry is buzzing again. After a long, dreary drought, her Sunday afternoons are filling up with open houses.Delinois, who handles very expensive real estate, says a flurry of new activity is providing hope that the luxury home market has a pulse again, after taking a beating in recent months — albeit with kid gloves.

“We were having open houses and nobody would come,” said Delinois, presi-dent of Century 21 Premier Elite Realty. “Now, we’re getting five, six, 10 families coming through. I’m really praying and keeping my fin-gers crossed this is a perma- nent thing.”

Confidence seems to be returning, as well as a rising tide of money from outside the country, positive signs for both the high-end housing market, and the real estate market in general. Demand fed by foreign money has always been a critical piece of the real estate puzzle in South Florida.

“We’re on our way out of the worst [of the economic downturn]” said Manny Mesa, a Doral-based trial lawyer who is hunting for a bigger home for his wife and four children.

On Thursday, he toured the digs of former Miami Heat point guard Tim Hardaway. Hardaway is asking $3.9 million for the five-bedroom, five-bath home on almost two acres in the Pinecrest area. It boasts a six-foot coral rock wall for privacy and a closet the size of a very large bedroom.

“People are confident that the world is not ending,” said Adam Greenberg, a managing director for BayBridge, a Miami-based brokerage and mortgage banking firm. “They were so concerned it was ending and that our financial system could falter.”

When the global economy took a dive last year, real estate prices plummeted, including prices for South Florida’s toniest properties, priced at $1 million or more.

And then things got worse. As the calendar year turned, fear that the global financial system was heading off a cliff brought South Florida’s luxury home market — largely dependent on foreign wealth — to a standstill. In January, just nine houses priced over $1 million sold in Miami-Dade and seven in Broward.

But now brokers and some analysts are sensing a collective, if tentative, sigh of relief among the very wealthy, as evidenced by the recent uptick in luxury home sales. In June, the last full month of available data, 25 were sold in Broward and 41 in Miami-Dade.

The figures are still significantly off from the market’s peak, when about twice as many were selling on a monthly basis. And prices are still droopy.

Nonetheless, real estate brokers say it is evident that foreign buyers are returning to South Florida as news spreads globally that many of the region’s tropical, waterfront palaces are on sale. Among the bargains: Shaquille O’Neal’s 2.45 acre estate on Star Island, which sold recently for $16 million, about $2 million less than he paid for it in 2004.

SALES PITCH Marketing a really ritzy home can involve having a robust website devoted just to that one property, color spreads in the Robb Report (billed as “The Global Luxury Source”) and advertising spots on shows like Extra and Power Lunch on CNBC. But in other ways it’s not that different from selling a two-bedroom CBS in South Miami. Delinois recommends having scented candles burning and a loaf of bread baking in the oven.

“Smell is very, very important,” said Delinois, who must know something, having sold Hulk Hogan’s home on North Bay Road in Miami Beach for a whopping $17.9 million.

Alas, despite Delinois’ recommendation, Hardaway didn’t have any candles burning or bread baking when Mesa stopped by. He didn’t get the sale either.

Mesa said he was going to keep on looking.

Brokers and analysts say the renewed activity in high-end real estate is at least partly because of a revived interest among lenders in making very large loans, called jumbo loans.

Banks’ appetite for jumbo loans — defined as more than $423,750 in South Florida — had all but evaporated as lenders hunkered down to weather the storm.

“They are marketing, inviting us to their offices to meet with them to tell us what they can do,” said Tere Bernacé, a broker specializing in waterfront properties in Coral Gables and a former banker with Barclays Capital. “They say they are trying to increase their profile again in our market.”

Added Delinois: “I have never had a bank calling before to say they were lending.” BayBridge’s Greenberg said banks are interested in the rich and famous because they are looking for safety.

“They see values as very depressed and borrowers in the super luxury home market as a very unlikely default candidates,” he said.

In the past 30 days, BayBridge has closed three loans that were over $5 million.

“I’ve never had a client that has defaulted on a loan over $5 million, in the nine years I’ve been doing this,” Greenberg said.

Spokesmen for Ocean Bank and BBU Bank in Coral Gables acknowledged they are actively seeking the business of luxury home buyers.

That doesn’t mean the loans are easy to get. Large loans require much heftier down payments — up to 50 percent of the purchase price — and stringent verification of income and assets.

Those who buy in the ultra-luxury category (homes priced at $5 million or more) often aren’t looking for loans.

“Most of the people who buy at this price point don’t finance, and if they do, it’s a matter of convenience,” said Audrey Ross, a senior vice president of Esslinger Wooten Maxwell.

In the past three months, Ross brokered three sales in Gables Estates — each for more than $5 million, she said. Two were all-cash transactions.

FIRST TO RECOVER Ross, who has specialized in high-end real estate for 25 years, said typically the ultra-luxury sector takes less of a hit in real estate downturns and is usually the first to recover.

Luxury prices have held up significantly better in the current slump than the market as a whole, according to Coral Gables-based real estate analyst David Dabby.

For homes selling for more than $1 million, the price per square foot has fallen about 14 percent in Miami-Dade and 20 percent in Broward from the 2006 peak.

That compares to a 50 percent decline in the market as a whole, Dabby said.

Jill Hertzberg, a broker with Coldwell Banker, who along with her partner Jill Eber was ranked eighth nationwide in sales volume last year by The Wall Street Journal and LORE Magazine, said unheard of deals on luxury properties are driving interest.

Hertzberg cooed over a fully renovated home in Miami Beach with a stunning wide-water vista of Miami’s skyline that “`screamed out to anyone wanting a downtown view and a beautiful home.”

Originally listed for $4.1 million, the property was dropped to $3.2 million and quickly drew multiple offers. It is now under contract and a closing date has been set.

“These are great properties,” Hertzberg said. “They aren’t second-rate properties. They are adjusting down to prices that are incredible, that no one has see before and people are buying them.”

After a plunge lasting three years, houses have finally become cheap enough to lure buyers. That, in turn, is stabilizing prices, generating hope that the real estate market is beginning to recover.

Eight cities, including Chicago, Cleveland, Denver and San Francisco, showed price increases in May, up from four in April and one in March, according to data released Tuesday. Two other cities, Charlotte, N.C., and New York, were flat.

For the first time since early 2007, a composite index of 20 major cities was virtually flat, instead of down.

“We’ve found the bottom,” said Mark Fleming, chief economist for First American CoreLogic, a data firm.

The release of the surprisingly strong Case-Shiller Price Index, compiled by Standard & Poor’s, followed earlier reports that sales of existing homes rose last month for the third consecutive time, while sales of new homes rose in June by the largest percentage in eight years.

All of these improvements are tentative, and come after a relentless decline that knocked more than half the value off houses in the worst-hit cities.

Some skeptics say they believe the market is merely pausing before it resumes falling and that much of the life in the market is coming from speculators. Even the most enthusiastic analysts acknowledge that rising unemployment, another leap in foreclosures or a significant jump in interest rates could snuff out progress.

Still, hope is growing in some quarters that the worst has passed.

“Recession is over, economy is recovering — let’s look forward and stop the backward-looking focus,” John E. Silvia, the Wells Fargo chief economist, wrote Tuesday in a research note.

Kirit Shah decided to look forward a few weeks ago. A retired forensic chemist for the New York Police Department, he closed on a house in Royal Palm Beach, Fla.

Mr. Shah was not dissuaded when the salesman at K. Hovnanian Homes told him the five-bedroom place had been empty since it was finished three years ago. “It was waiting for me,” said Mr. Shah, 64. “I’m on a lakefront. I never dreamed I would be on a lakefront. I’m within walking distance of a swimming pool.”

But the thing he likes best is this: he paid $260,000 for the five-bedroom house, half of what that model was fetching during the boom. “An excellent deal,” he said. “Plus I got a good rate on my mortgage, under 5 percent.”

Turning markets are full of uncertainty. If Mr. Shah was one reason new home sales were up 11 percent in June from May, it is unclear just how many others like him are out there.

Brad Hunter, chief economist for Metrostudy, a research firm, said the new home numbers appeared to illustrate less a return of buyers like Mr. Shah and more a resurgence of investors and speculators. Metrostudy’s own data showed that the number of buyers during the second quarter who actually moved into their new house declined 2.6 percent.

“Investors are turning right around and putting the houses on the market for sale or for rent,” Mr. Hunter said. “What appears to have been an absorption of excess inventory can be just a changing of ownership of that inventory.”

The good news in the Case-Shiller index, the most widely watched source of price information about the housing market, is equally provisionary. Tracking only large urban areas, the monthly index does not represent the country as a whole.

The Case-Shiller figures released Tuesday showed May prices were down 17.1 compared with May 2008. As bad as that may sound, it was the fourth consecutive month that price declines slowed — a step in the right direction, but perhaps not cause for widespread celebration.

More attention was focused on the news that, when May was compared with April, the price index for 20 major cities showed a half-percent gain. It was the first month-over-month increase in the index in 34 months.

“It is very possible that years from now we will say that April 2009 was the trough in home prices,” said Maureen Maitland, vice president for index services at Standard & Poor’s.

When the numbers were adjusted for seasonal factors, however — the usual way housing figures are presented — the slight gain disappeared and the index was essentially flat. Half of the cities showed continued declines.

One reason the market is perking up in some places, real estate agents say, is the encouragement offered by such measures as the first time buyer’s tax credit of $8,000.

All the more reason, said the National Association of Realtors, to not only extend the credit but expand it. The association is lobbying for the current credit, which expires in December, to be replaced with a $15,000 credit for all buyers.

“This is a relatively low-cost way to keep the housing market moving forward,” said Paul Bishop, the association’s managing director of research.

Another reason for the market’s resurgence is the prevalence of foreclosures, which make up about a third of all existing home sales. In some troubled regions, agents say they cannot remember the last transaction that did not involve a bank disposing of a property.

These communities are not yet showing any improvement in prices. Las Vegas was the worst-performing city in the May Case-Shiller index, falling 2.6 percent. Prices have fallen there by a third in the last year.

“The mom and pop that work at the Hilton can now afford a home here again,” said Justin Pechonis, a Las Vegas real estate agent. “Las Vegas is a great place to buy now.” But not from him. Sickened by seeing so many clients foreclosed on, he is getting out of the business. He now drives a taxi.

All this uncertainty breeds a hesitancy that seems to show up in nearly every sale, especially at the higher end of the market. When Margot and Pascal Lalonde decided in April to sell their two-bedroom condominium in the North End of Boston, they methodically quizzed six experienced agents about a good price.

List it for under $500,000 unless you want to be here for months, said one agent. Two others said they should demand $675,000. The other three were in between.

“In a market with so few sales, no one knows what to do,” said Ms. Lalonde, a consultant.

After 80 days on the market and two small price reductions, the condo is now under contract for $550,000. The buyers examined the apartment six times. The Lalondes, who are moving to Short Hills, N.J., expect to be no less careful when they buy.

NEW YORK (Reuters) – U.S. single-family home prices rose in May from April, the first monthly increase in nearly three years, suggesting prices may be stabilizing, according to Standard & Poor’s/Case Shiller home price indexes on Tuesday.

The annual rate of decline for the 10- and 20-city indexes improved for the fourth straight month, though prices have still tumbled by more than 32 percent from the peaks in the second quarter of 2006.

The index of 20 metropolitan areas rose 0.5 percent in May from April, after a 0.6 percent decline the month before, in contrast with the 0.5 percent drop forecast by economists in a Reuters poll.

The May monthly rise resulted in an annual downturn of 17.1 percent, although this was the fourth straight month that the rate of decline slowed. This follows a 16-month string of record annual declines starting in October 2007 and ending in January.

S&P said its index of 10 metropolitan areas rose 0.4 percent in May after a 0.7 percent drop in April, for an 16.8 percent year-over-year drop.

“To put it in perspective, this is the first time we have seen broad increases in home prices in 34 months,” David M. Blitzer, chairman of the index committee at S&P, said in a statement. “This could be an indication that home price declines are finally stabilizing”.

The 10 and 20-city indexes reported positive returns for the first time since summer of 2006.

“With the numbers we’ve seen on home sales starting to firm and now home prices stabilizing, we’re getting more evidence that the housing market may have hit bottom,” said Gary Thayer, senior economist at Wells Fargo Advisors in St. Louis, Missouri.

Sales of new homes jumped 11 percent in June, the biggest monthly gain in eight years, the Commerce Department said on Monday, in another sign that worst housing market since the Great Depression may be gaining some footing.

Existing home sales rose for the third straight month in June, the National Association of Realtors said last week, surpassing forecasts and feeding optimism about the beleaguered housing sector.

Still, caution is warranted as long as the U.S. unemployment rate keeps rising, economists advised. That rate is at its highest in nearly 26 years and is headed to double-digit levels.

Signs of stability are far more likely than prospects for near-term recovery in housing, many economists agree.

For a rebound, consumer confidence needs to improve, foreclosures need to start falling from their record pace and potential buyers need to have a sense that it won’t be even cheaper to purchase if they keep waiting.

“While many indicators are showing signs of life in the U.S. housing market, we should remember that on a year-over-year basis home prices are still down about 17 percent on average across all metro areas, so we likely do have a way to go before we see sustained home price appreciation.” Blitzer added.

S&P said the 10-city index has fallen 33.3 percent and the 20-city index has slumped 32.3 percent from their 2006 peaks.

(Additional reporting by Ellen Freilich; Editing by James Dalgleish)